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Sunday, October 13, 2013

Syndicate Bank focusing on expanding branch network

Syndicate Bank is concentrating on expanding its network of branches and growing its current account deposits, according to Sudhir Kumar Jain, Chairman and Managing Director.

In an interaction with media persons, after inaugurating a new branch in the city, Jain said the bank plans to increase the number of branches to 3,200 by March compared with 3,047 now. The number of ATMs would more than double by the year end to 3,000 from 1,360 at present. The bank plans to rejig administrative zones by bifurcating one of its two zones to create a new area in South Tamil Nadu.

Another area of focus will be on growing the current account portfolio which he felt was stagnating. Syndicate Bank will target small and medium enterprises and mid-corporate segment with specialised branches located in select industrial clusters.

The bank’s NPA continues to be an area of concern, he said while declining to divulge the latest figures which are being finalised.

As of June 2013, the net NPA of the bank was Rs 1,759 crore (1.19 per cent) against Rs 1,185 crore (0.93 per cent) in the corresponding month previously.

Source: thehindubusinessline


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